IFRS 16 SOFTWARE
The IFRS 16 lease accounting standard marks a significant transformation in how companies account for leasing arrangements, bringing most leases onto the balance sheet. This fundamental change will provide a more comprehensive and transparent view of a company’s financial position.
The best lease accounting software allows you to focus on your business by simplifying compliance, providing accurate calculations, and centralizing leasing data. You can manage leases quickly and accurately with this accounting software that includes a powerful data engine, calculations, reports, and disclosures controlled by workflow and audit trail.
You can also graphically view assets, liabilities, expenses, depreciation, and interest expense to demonstrate the impact on the balance sheet and P&L using different scenarios. With a pre-configured data model and calculations for all lease types, you can quickly see the impact on financial statements, run scenarios, and drill-down to the account and contract level for analysis. Additionally, you can seamlessly plug into different systems to centralize all lease assets in a single trusted source to provide accurate leasing data for use in other processes.
The IFRS 16 solutions standard requires lessees to recognize nearly all leases on the balance sheet which will reflect their right to use an asset for a period of time and the associated liability for payments. This will impact the financial reporting, asset financing, IT, systems, processes and controls are expected to be substantial.
Improve transparency and address IFRS16 and ASC 842 compliance with a solution that is quick to implement and easy to use. CCH Tagetik Lease Accounting is a pre-configured starter kit that provides you with all the functionality to create a centralized repository for lessee, lessor and sublease information and process lease data of all types – including real estate, fleet equipment and more.
CCH Tagetik Lease Accounting software provides a lease accounting hub including data repository, calculation modeling, reporting, disclosures and workflow. Users can easily adapt to changes without coding. Our powerful data engine processes your granular contract data and makes complex compliance easy.
In today’s dynamic business landscape, managing lease portfolios across multiple locations can be a daunting task. Our cloud-based lease database simplifies lease administration, providing you with centralized access, comprehensive reporting, and robust controls to ensure accurate financial reporting and compliance with the lease accounting standards.
Here are some of the software features you gain:
Unparalleled Lease Visibility
Enforce IFRS 16 Compliance
Safeguard Financial Integrity
Our lease accounting software empowers you to take control of your lease portfolio, ensuring IFRS 16 compliance, mitigating financial risks, and gaining valuable insights into your lease obligations.
Schedule a free demo to discover how our lease accounting software can transform your lease management process.
